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When it comes to the issue of corporate law and liability cover, there are many costly mistakes that a small and medium business can make, although these can often easily be avoided if one simply understands the nature of the beast correctly. Being legal savvy and choosing the right liability insurance is without question the only way forward in today’s modern world as you can be sued for untold problems that could arise.

The main issue to be aware of here is capacity and authority – the legal nature of your business entity- whether it is a company, a close corporation, a partnership, a trust or a single proprietorship.

Capacity and authority basically tell your business entity what it can and cannot do according to the nature of your business and whether it is authorised to engage in a specific business act – for example if you run a car dealership you cannot also sell other items because that would fall outside your capacity.

Protect your business from exposure to liability by paying for good legal advice as well as getting sufficient liability cover to ensure you are properly insured for all eventualities.

Expert and experienced liability insurance makes sense:

  • It is essential to find an expert in your particular field to be sure you get the right business insurance; for example if you run a charter boat, it might be best to find a broker or insurance service provider that specialises in your particular field of work as this will take care of matters that could easily be overlooked by someone who does not have the knowledge of your specific trade or service.


  • Ensure that your insurance broker or service provider is familiar with your business’s’ goals – this is important as you are looking for a long-term partner in your business’s growth. Even if you are a start-up today, does your insurance company understand where you want to be in the future and share your visions for the future?

An ability to communicate is all-important:

  • If the insurance broker speaks to you in a manner in which you simply cannot understand and is not interested in explaining the fine print – this is the point where you need to find someone else.

Never be afraid to ask for references – you are perfectly in your right to request the names of businesses and cases that your liability insurance broker has worked on or assisted with in the past. Get a list of clients or other liability insurance service providers you can contact to discuss comparisons regarding the competence of service as well as fees.

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